In the final day of the Polaris at 30 Q&A series, Phil Bayles, Chief Commercial Officer of Ardonagh Advisory, provided insights into the evolution of digital trading within the insurance sector. His observations highlight the significant transformation from a predominantly manual trading environment to modern, automated systems that have now become mainstream.
Reflecting on his extensive experience as both an insurer and a broker, Bayles noted that the milestone for electronic trading began for him around 15 years ago. He stated, "I believed e-trading would finally take off," indicating that he recognised the potential of technology to streamline processes and enhance efficiency even in its nascent stages.
As Bayles elaborated on the evolution of trading practices, he drew upon his career spanning over two decades. "Even I don’t go back 30 years," he remarked, "but I can speak for 23 years ago. Nearly all trading was primarily face-to-face or by phone." This statement underscores the significant reliance on in-person interactions and phone calls that characterised the insurance trading landscape in the past, which contrasts sharply with today's digitally-driven approach.
Looking ahead, Bayles is optimistic about the future of e-trading, particularly concerning the integration of broader product sets and the potential impacts of artificial intelligence on trading practices. Such advancements may facilitate more efficient processes and enhanced decision-making on various fronts.
The conversation at the Polaris at 30 event not only reflected on the milestones achieved in the digital trading arena but also explored future trends that promise to reshape how businesses operate. As the insurance industry continues to embrace emerging technologies, industry stakeholders are keenly monitoring the trajectory of these developments.
Source: Noah Wire Services